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Saudi Arabia’s National Development Fund (NDF) has created two venture investment funds worth a total of US$120 million targeting the gaming and esports sector.
Confirmed:
- The first fund managed by Merak Capital is valued at SR300 million (US$80 million)
- It focuses on creating a gaming accelerator that will help Saudi companies become leaders in the esports field.
- The second investment fund managed by Impact46 will be worth SR150 million (US$40 million).
- It aims to encourage private investment in the local gaming and esports industry.
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This marks the latest major financial push the Gulf state has made into the competitive gaming sector. The country’s national gaming and esports strategy focuses on generating an economic contribution worth R50 billion (US$13.3 billion) by 2030.
This year will also see the first eSports World Cup. The World Cup will feature the biggest prize money in esports history and a slew of gaming titles.
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“The gaming and esports industry is experiencing rapid growth globally, generating significant revenue and employment opportunities,” said NDF President Dr Stephen Grove.
“Given Saudi Arabia’s young demographic and other attractive investment factors, NDF and our partners are prioritizing innovative financing solutions for this industry. We aim to secure and contribute to Saudi economic diversification and job creation efforts.”
Next up:
The country’s latest investment comes ahead of the inaugural Esports World Cup, which begins in Riyadh later this summer.
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